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Regime: Risk-off, driven by rising Mideast tensions and a flight to safety, reflected in falling US yields and a VIX above 17. Today’s market themes: Oil supply scare: Geopolitical risks in the Black Sea and Middle East fuel concerns over energy supply, boosting crude prices. Core PCE watch: Markets brace for…
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Where we are: The DXY currently trades at 99.13, down 0.13% on the day, holding above the session low of 99.11 but well off the overnight high near 99.50. Dollar weakness has been broad-based as the index retreats from recent seven-week highs. US 2 and 10 year yields are slightly lower,…
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Where we are: S&P 500 futures are currently trading at 7536.25, down 18.50 points or -0.24% on the day, sitting near the bottom of their overnight range of 7506.25-7557.50. This is below yesterday’s cash close of 7520.40 but still within yesterday’s cash range of 7499.70-7530.70. The index appears to be consolidating…
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Where we are: Gold (COMEX) is currently trading at 4452.8, down 39.2 points or 0.87% intraday. The overnight range has been between 4396.2 and 4492.8. This price action breaks the two-month low, extending losses seen in the Asian and European sessions. What’s driving it: The primary driver behind the gold sell-off…
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Where we are: EUR/USD is currently trading at 1.1635, up 0.06% on the day after bottoming at 1.1586. The pair is trading within a relatively tight intraday range of 1.1586-1.1638, struggling to gain meaningful traction after an early dip. It remains to be seen if it can close above yesterday’s New…
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Where we are: Nasdaq futures are currently trading at 30027.50, down 0.28% after ranging between 29766.75 and 30135.75 overnight. The cash Nasdaq 100 closed yesterday at 26674.73 and is likely to open weaker, with futures below the overnight high. Key support lies around the 29750 level in futures, while resistance is…
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Where we are: GBP/USD trades at 1.3422, down a touch (-0.04%) after a relatively quiet overnight session with a range of 1.3368-1.3431. Cable remains below yesterday’s NY close despite a weaker DXY. The near-term picture is skewed towards further downside without a hawkish catalyst. The 1.3400 level is key for near-term…
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Where we are: USD/JPY is currently trading at 159.33, slightly lower on the day after ranging between 159.32 and 159.65 overnight. This is still perilously close to the 160.00 level that triggered suspected intervention by the Bank of Japan last month. Despite the dip, the pair remains above yesterday’s New York…
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Where we are: The Dow Jones futures are currently trading at 50659, down 151 points or 0.30% on the day, after a relatively tight overnight range of 50576-50819. This is slightly below yesterday’s cash close of 50644, which itself gained 157 points on the day. The futures market is currently holding…
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Where we are: USD/CAD is currently trading at 1.3842, essentially unchanged on the day, but holding near the upper end of its 1.3837-1.3870 intraday range. The pair remains bid after breaking above 1.3800 earlier this week, driven by diverging central bank outlooks and continued softness in Canadian data. The level holds…
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Where we are: Bitcoin is currently trading at 73404, down 996 points or 1.34% on the day, sitting toward the lower end of its intraday range of 72613 to 74674. Ethereum is similarly pressured at 1989, down 1.47%. The move lower comes after a mixed Asian and European session, with risk…
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Where we are: The FTSE 100 is currently trading at 23254, down 139 points or 0.59% on the day. The index is trading near the lower end of its intraday range of 23193-23393, showing some weakness. This decline follows an eight-session winning streak, and it’s underperforming its European peers as well…
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Snapshot: AUD/USD trades at 0.7132, down 0.11% on the session, weighed down by building expectations that the RBA is nearing the end of its tightening cycle. Recent weak household spending data reinforces this view. Focus now shifts to the 08:30 ET US data dump. Breach of 0.7100 support would open the…
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Snapshot: WTI crude is trading at $90.52, up 1.20% on the session, rebounding from recent losses as rising tensions between the US and Iran raise concerns about supply disruptions. Today’s key event is the 08:30 ET release of Core PCE and Prelim GDP figures, which could influence the dollar and broader…
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Snapshot: The Nikkei 225 is currently trading at 64693, down 0.21% on the day, pressured by a pullback in technology shares. A decline in JGB yields, with the 2Y down 3bp to 1.356% and the 10Y down 2bp to 2.701%, is weighing on sentiment. Watch for the reaction to today’s Tokyo…
